{"id":383546,"date":"2019-05-24T12:34:46","date_gmt":"2019-05-24T12:34:46","guid":{"rendered":"https:\/\/wncen.com\/?p=383546"},"modified":"2024-06-11T13:43:22","modified_gmt":"2024-06-11T13:43:22","slug":"corporate-giants-embracing-crypto-is-massive-boon-for-bitcoin-researcher","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/corporate-giants-embracing-crypto-is-massive-boon-for-bitcoin-researcher\/","title":{"rendered":"Corporate Giants Embracing Crypto is Massive Boon For Bitcoin: Researcher"},"content":{"rendered":"<p>Binance&#8217;s loss of 7,000 Bitcoin (BTC), Bitfinex and Tether&#8217;s trouble in court, and the continual disapproval of <a href=\"https:\/\/wncen.com\/2019\/05\/24\/next-bitcoin-bull-run-will-be-first-cycle-supported-by-established-financial-firms\/\">BTC<\/a> exchange-traded funds (ETFs) aside, the crypto news cycle has been widely positive. This trend continued on Thursday, with a multibillion-dollar telecommunications giant revealing that it would be taking its first foray into cryptocurrency, shocking investors this ecosystem over.<\/p>\n<h6 style=\"text-align: center\">Related Reading: <a href=\"https:\/\/wncen.com\/2019\/05\/23\/bitcoin-currently-consolidating-after-dropping-towards-7700-but-a-strong-bounce-may-be-imminent\/\">Bitcoin Currently Consolidating After Dropping Towards $7,700, But a Strong Bounce May Be Imminent<\/a><\/h6>\n<h2><strong>AT&amp;T Partners With BitPay<\/strong><\/h2>\n<p><a href=\"https:\/\/wncen.com\/2019\/05\/23\/living-on-bitcoin-just-got-even-easier-att-accept-crypto-payments-with-bitpay\/\">Announced Thursday,<\/a> AT&amp;T, a Texas-based American technology giant valued at $234 billion, will be accepting Bitcoin payments for its services through the Atlanta-headquartered BitPay. Per a <a href=\"https:\/\/about.att.com\/story\/2019\/att_bitpay.html\" rel=\"nofollow\">press release<\/a>, AT&amp;T is now the first &#8220;major U.S. mobile carrier&#8221; to provide its millions of customers with the ability to purchase services for cryptocurrency. Speaking on the matter, Kevin McDorman, vice president of AT&amp;T Communications&#8217; Finance Business Operations unit drawled:<\/p>\n<blockquote><p>&#8220;We\u2019re always looking for ways to improve and expand our services&#8230; We have customers who use cryptocurrency, and we are happy we can offer them a way to pay their bills with the method they prefer.&#8221;<\/p><\/blockquote>\n<p>As this news broke, many in the crypto community saw this as validation of the return of the Bitcoin bull. Because why would a massive company accept an asset that is &#8220;dying&#8221; is &#8220;already dead&#8221;, right?<\/p>\n<p>This is notable, as it comes as Bitcoin has remained to a leading payment rail on the global stage, despite what you hear in harrowing news reports. Researcher Kevin Rooke notes that over the past week, Bitcoin has seen $6.3 billion worth of value transferred on average each day. This is still shy of Visa&#8217;s and Mastercard&#8217;s volumes, but impressive nonetheless.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Bitcoin is settling over $6 billion of transactions each day now.<\/p>\n<p>How does BTC volume compare to America&#39;s top payment networks? <a href=\"https:\/\/t.co\/NX5oeJUaQY\" rel=\"nofollow\">pic.twitter.com\/NX5oeJUaQY<\/a><\/p>\n<p>&mdash; Kevin Rooke (@kerooke) <a href=\"https:\/\/twitter.com\/kerooke\/status\/80042758?ref_src=twsrc%5Etfw\" rel=\"nofollow\">May 23, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><strong>Swelling Crypto Adoption<\/strong><\/h2>\n<p>This isn\u2019t the first bout of major adoption that the crypto space has seen. Tor, the de-facto go-to privacy- and anonymity-centric browser provider, unveiled a donation jar that accepts cryptocurrencies earlier this year. Tor\u2019s website now accepts payments in nine leading cryptocurrencies: Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Stellar Lumens, Monero, ZCash, and Augur.<\/p>\n<p>Weeks prior to this, Avnet, one of the world\u2019s most prominent electronic components distributor, <a href=\"https:\/\/wncen.com\/2019\/03\/19\/bitcoin-crypto-acceptance\/\">revealed<\/a> it had integrated a payment portal from the Atlanta-based BitPay. Avnet\u2019s team sees cryptocurrencies as a step above traditional rails, as a company release argued that such assets can reduce the \u201ctime, cost and complexities of bringing products to market.\u201d<\/p>\n<p>And most recently,\u00a0Flexa, a little-known startup looking to make \u201ccryptocurrency spendable everywhere\u201d, will be making Bitcoin, Bitcoin Cash, Ethereum, and Gemini\u2019s in-house stablecoin <a href=\"https:\/\/wncen.com\/2019\/05\/14\/major-retailers-like-whole-foods-accept-bitcoin-is-this-enough-to-convince-no-coiners\/\">available to spend<\/a> in 30,476 retail outlets. Chains accepted the aforementioned digital assets include Crate &amp; Barrel, GameStop, Lowe\u2019s, Nordstrom, and arguably most importantly, the <a href=\"https:\/\/wncen.com\/2019\/05\/17\/bitcoin-amazon-crypto-blockchain-industry\/\">Amazon<\/a>-owned Whole Foods.<\/p>\n<h6 style=\"text-align: center\"><em><strong>Related Reading:<\/strong><a href=\"https:\/\/wncen.com\/2019\/03\/19\/bitcoin-crypto-acceptance\/\" data-wpel-link=\"internal\">Big Day<\/a><\/em><a href=\"https:\/\/wncen.com\/2019\/03\/19\/bitcoin-crypto-acceptance\/\" data-wpel-link=\"internal\"> fo<\/a><a href=\"https:\/\/wncen.com\/2019\/03\/19\/bitcoin-crypto-acceptance\/\" data-wpel-link=\"internal\">r<\/a><em><a href=\"https:\/\/wncen.com\/2019\/03\/19\/bitcoin-crypto-acceptance\/\" data-wpel-link=\"internal\"> Bitcoin Acceptance: Crypto Welcomed at Multi-Billion-Dollar Pair of Retailers<\/a><\/em><\/h6>\n<p>This may be just the tip of the iceberg though. As <a href=\"https:\/\/wncen.com\/2019\/05\/22\/dorseys-square-crypto-seems-less-about-crypto-and-all-about-bitcoin\/\">NewsBTC has reported<\/a> previously, Square, the fintech company headed by Twitter&#8217;s Jack Dorsey, is looking to make BTC spendable as the Internet&#8217;s currency in more places. He specifically wants to <a href=\"https:\/\/wncen.com\/2019\/02\/12\/researcher-bitcoin-lightning-on-square-could-be-bigger-than-crypto-etf-bakkt-combined\/\">integrate the Lightning Network<\/a> into Square&#8217;s Cash App, which already sells Bitcoin at a<a href=\"https:\/\/wncen.com\/2019\/05\/02\/square-cash-app-bitcoin-supply\/\"> breakneck pace<\/a>.<\/p>\n<h2>Is This Good Or Bad For Bitcoin?<\/h2>\n<p>While the aforementioned news stories broke at different times, the responses shared a similar theme: Is Bitcoin really gaining traction\/adoption if the BTC received by vendors is being sold by Bitpay?<\/p>\n<p>As Bryant Eisenbach kindly points out, this isn&#8217;t exactly adoption, as AT&amp;T likely did this due to a growing demand for cryptocurrency-related services from its clientele, not because the firm truly believes in this innovation. Or, this might just be an elaborate PR play to get some good crypto-centric press as the bull run seemingly nears.<\/p>\n<p>https:\/\/twitter.com\/fubuloubu\/status\/82923008<\/p>\n<p>Crypto influencer Omar Bham echoed this slightly pessimistic sentiment. He wrote that real adoption will take the form of businesses, whether big or small, corporate or grassroots, accept &#8220;REAL crypto&#8221;, not selling Bitcoin or any other digital asset they receive for cold, hard fiat immediately. Some have, however, taken this news with a bit more of a positive spin.<\/p>\n<p>Popular commentator and researcher Willy Woo is the best example of an optimist in this somewhat sardonic environment. Woo recently noted that the AT&amp;T development and announcements of a similar caliber come at a perfect time, with crypto&#8217;s next bull market being seemingly right on the horizon.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">For every person who pays a few bucks with BTC, which produces sell pressure on the market, thousands more will see it and consider buying a few thousand dollars of BTC as investment. <\/p>\n<p>$5 of sell pressure meets $1000s of dollars of buy pressure. Timed for the bull market no less <a href=\"https:\/\/t.co\/WllUGZ6rnD\" rel=\"nofollow\">https:\/\/t.co\/WllUGZ6rnD<\/a><\/p>\n<p>&mdash; Willy Woo (@woonomic) <a href=\"https:\/\/twitter.com\/woonomic\/status\/78093824?ref_src=twsrc%5Etfw\" rel=\"nofollow\">May 23, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>He explained that whenever common Joes and Jills use Bitpay to pay their AT&amp;T bill or purchase an item or service through other retailers, which is technically a negative selling pressure on BTC spot, &#8220;thousands more will see it and consider buying a few thousands of BTC as an investment.&#8221;<\/p>\n<p>In other words, this system will likely not hamper the growth of Bitcoin&#8217;s value. Instead, it should actually be a positive growth catalyst, as lower prices may entice more investment in the space, especially as digital assets&#8217; value proposition continues to grow each and every day. As Woo <a href=\"https:\/\/twitter.com\/woonomic\/status\/15152385\" rel=\"nofollow\">concludes<\/a>:<\/p>\n<div class=\"js-tweet-text-container\">\n<blockquote>\n<p class=\"TweetTextSize TweetTextSize--jumbo js-tweet-text tweet-text\" lang=\"en\" data-aria-label-part=\"0\">&#8220;Everyone keeps debating why accept it as a currency. TLDR; \u201cwho cares, it\u2019s the marketing exposure it generates.\u201d It adds to the Bitcoin SoV borg effect.&#8221;<\/p>\n<\/blockquote>\n<\/div>\n<pre>Featured Image from Shutterstock<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Binance&#8217;s loss of 7,000 Bitcoin (BTC), Bitfinex and Tether&#8217;s trouble in court, and the continual disapproval of BTC exchange-traded funds (ETFs) aside, the crypto news cycle has been widely positive. This trend continued on Thursday, with a multibillion-dollar telecommunications giant revealing that it would be taking its first foray into cryptocurrency, shocking investors this ecosystem over. Related Reading: Bitcoin Currently Consolidating After Dropping Towards $7,700, But a Strong Bounce May Be Imminent AT&amp;T Partners With BitPay Announced Thursday, AT&amp;T, a Texas-based American technology giant valued at $234 billion, will be accepting Bitcoin payments for its services through the Atlanta-headquartered BitPay. Per a press release, AT&amp;T is now the first &#8220;major U.S. mobile carrier&#8221; to provide its millions of customers with the ability to purchase services for cryptocurrency. Speaking on the matter, Kevin McDorman, vice president of AT&amp;T Communications&#8217; Finance Business Operations unit drawled: &#8220;We\u2019re always looking for ways to improve and expand our services&#8230; We have customers who use cryptocurrency, and we are happy we can offer them a way to pay their bills with the method they prefer.&#8221; As this news broke, many in the crypto community saw this as validation of the return of the Bitcoin bull. Because why would a massive company accept an asset that is &#8220;dying&#8221; is &#8220;already dead&#8221;, right? This is notable, as it comes as Bitcoin has remained to a leading payment rail on the global stage, despite what you hear in harrowing news reports. Researcher Kevin Rooke notes that over the past week, Bitcoin has seen $6.3 billion worth of value transferred on average each day. This is still shy of Visa&#8217;s and Mastercard&#8217;s volumes, but impressive nonetheless. Bitcoin is settling over $6 billion of transactions each day now. How does BTC volume compare to America&#39;s top payment networks? pic.twitter.com\/NX5oeJUaQY &mdash; Kevin Rooke (@kerooke) May 23, 2019 Swelling Crypto Adoption This isn\u2019t the first bout of major adoption that the crypto space has seen. Tor, the de-facto go-to privacy- and anonymity-centric browser provider, unveiled a donation jar that accepts cryptocurrencies earlier this year. Tor\u2019s website now accepts payments in nine leading cryptocurrencies: Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Stellar Lumens, Monero, ZCash, and Augur. Weeks prior to this, Avnet, one of the world\u2019s most prominent electronic components distributor, revealed it had integrated a payment portal from the Atlanta-based BitPay. Avnet\u2019s team sees cryptocurrencies as a step above traditional rails, as a company release argued that such assets can reduce the \u201ctime, cost and complexities of bringing products to market.\u201d And most recently,\u00a0Flexa, a little-known startup looking to make \u201ccryptocurrency spendable everywhere\u201d, will be making Bitcoin, Bitcoin Cash, Ethereum, and Gemini\u2019s in-house stablecoin available to spend in 30,476 retail outlets. Chains accepted the aforementioned digital assets include Crate &amp; Barrel, GameStop, Lowe\u2019s, Nordstrom, and arguably most importantly, the Amazon-owned Whole Foods. Related Reading:Big Day for Bitcoin Acceptance: Crypto Welcomed at Multi-Billion-Dollar Pair of Retailers This may be just the tip of the iceberg though. As NewsBTC has reported previously, Square, the fintech company headed by Twitter&#8217;s Jack Dorsey, is looking to make BTC spendable as the Internet&#8217;s currency in more places. He specifically wants to integrate the Lightning Network into Square&#8217;s Cash App, which already sells Bitcoin at a breakneck pace. Is This Good Or Bad For Bitcoin? While the aforementioned news stories broke at different times, the responses shared a similar theme: Is Bitcoin really gaining traction\/adoption if the BTC received by vendors is being sold by Bitpay? As Bryant Eisenbach kindly points out, this isn&#8217;t exactly adoption, as AT&amp;T likely did this due to a growing demand for cryptocurrency-related services from its clientele, not because the firm truly believes in this innovation. Or, this might just be an elaborate PR play to get some good crypto-centric press as the bull run seemingly nears. https:\/\/twitter.com\/fubuloubu\/status\/82923008 Crypto influencer Omar Bham echoed this slightly pessimistic sentiment. He wrote that real adoption will take the form of businesses, whether big or small, corporate or grassroots, accept &#8220;REAL crypto&#8221;, not selling Bitcoin or any other digital asset they receive for cold, hard fiat immediately. Some have, however, taken this news with a bit more of a positive spin. Popular commentator and researcher Willy Woo is the best example of an optimist in this somewhat sardonic environment. Woo recently noted that the AT&amp;T development and announcements of a similar caliber come at a perfect time, with crypto&#8217;s next bull market being seemingly right on the horizon. For every person who pays a few bucks with BTC, which produces sell pressure on the market, thousands more will see it and consider buying a few thousand dollars of BTC as investment. $5 of sell pressure meets $1000s of dollars of buy pressure. Timed for the bull market no less https:\/\/t.co\/WllUGZ6rnD &mdash; Willy Woo (@woonomic) May 23, 2019 He explained that whenever common Joes and Jills use Bitpay to pay their AT&amp;T bill or purchase an item or service through other retailers, which is technically a negative selling pressure on BTC spot, &#8220;thousands more will see it and consider buying a few thousands of BTC as an investment.&#8221; In other words, this system will likely not hamper the growth of Bitcoin&#8217;s value. Instead, it should actually be a positive growth catalyst, as lower prices may entice more investment in the space, especially as digital assets&#8217; value proposition continues to grow each and every day. As Woo concludes: &#8220;Everyone keeps debating why accept it as a currency. TLDR; \u201cwho cares, it\u2019s the marketing exposure it generates.\u201d It adds to the Bitcoin SoV borg effect.&#8221; Featured Image from Shutterstock<\/p>\n","protected":false},"author":497,"featured_media":383637,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,6664,2887],"class_list":["post-383546","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-crypto","tag-market"],"acf":[],"yoast_head":"\n<title>Corporate Giants Embracing Crypto is Massive Boon For Bitcoin: Researcher<\/title>\n<meta name=\"description\" content=\"Binance&#039;s loss of 7,000 Bitcoin (BTC), Bitfinex and Tether&#039;s trouble in court, and the continual disapproval of BTC exchange-traded funds (ETFs) aside,\" \/>\n<meta name=\"robots\" content=\"index, follow, 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